1. Terms / Rights attached to Equity Shares :
The Company has only one class of shares referred to as Equity Shares
having a par value of Rs.10/-. Each holder of Equity Shares is
entitled to one vote per share.
The Company declares and pays dividends in Indian rupees.The dividend
proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of Equity
Shares will be entitled to receive remaining assets of the Company
after distribution of all preferential amounts.
The distribution will be in proportion to the number of Equity Shares
held by the shareholders.
2. Nature of Security and Terms of Repayment for Long Term Secured
Borrowings
Nature of Security
Term Loan Amounting to Rs. 61.82 Lacs (P.Y. Rs. 149.32 Lacs) Secured
Against First Charge of Hypothecation of Assets acquired out of the
Term Loan and collaterally secured by first charge on the company's
fixed assets at D-1/1, MIDC, Lote Parshuram, Tal. Khed, Dist.
Ratnagiri, Maharashtra
Terms
Repayable in 16 quarterly installments commencing from June, 2012. Rate
of Interest Base Rate 3.75% (P.Y. Base Rate 3.75%)
3. The Company has no dues to Micro and Small Enterprises as at 31st
March 2015. This information is required to be disclose under Micro,
Small and Medium Enterprises Act, 2006 (MSMED Act) has been determined
to the extent such parties have been identified on the basis of
information available with the Company.
4. Contingent Liabilities
i. The State Excise Department, Government of Maharashtra has demanded
Rs. 103.24 Lacs (Previous Year Rs. 103.24 Lacs) for Transportation fess
/ administration charges for purchase of Special Denatured Spirit
(S.D.S.) for the period 1st April, 2002 to 31st March, 2007. The
Company has along with other manufacturers using industrial alcohol
jointly contested the said demand in Hon'ble Bombay High Court.
ii. Custom Duty Payable under advance License pending fulfillment of
export obligation as on 31st March, 2015 Rs. 104.91 Lacs (Previous Year
Rs. 137.44 Lacs)
iii. Sales Tax Demand of Rs. 39.37 Lacs (Previous Year Rs. 39.37 Lacs)
under BST Act and Rs. 154.59 Lacs (Previous Year Rs. 154.59 Lacs) under
CST Act for the year 2003-04 against which the Company has preferred
appeals before Maharashtra Sales Tax Tribunal.
iv. Sales Tax Demand of Rs. 7.81 Lacs (Previous Year Rs. 7.81 Lacs)
under BST Act for the year 1994-95, Rs. 33.84 Lacs (Previous Year Rs.
33.84 Lacs) under BST Act and 51.64 Lacs (Previous Year Rs. 51.64 Lacs)
under CST Act for the year 2004-05 against which the Company has
preferred appeals before Joint Commissioner of Sales Tax (Appeals)
Kolhapur.
v. Disputed amount of Cenvat Disallowance, Interest and Penalty U/S
11AC of Central Excise Act,1944 for the period 2008-09 to 2014-15 Rs.
13.90 Lacs (Previous Year Rs. 4.25 Lacs)
5. The values of Current Assets and Loans and Advances are stated at
realisable value in ordinary course of the business in Balance Sheet, as
per the opinion of the Management of the Company.
6. Disclosure of Segment Reporting:
i) The business segment has been considered as the primary segment. The
only segment in which the Company is engaged in manufacture of Organic
Chemicals namely Acetic Acid, Ethyl Acetate, Acetaldehyde and Butyl
Acetate. Hence disclosure of business segment (primary disclosure) is
not applicable to the Company.
a. List of Related Parties:
Associate Concerns
Sakarwadi Trading Co. Pvt. Ltd.
Lakshmiwadi Mines and Minerals Pvt. Ltd
Somaiya Agencies Pvt. Ltd.
Jasmine Trading Co. Pvt. Ltd
Godavari Biorefineries Ltd.
K. J. Somaiya and Sons Pvt. Ltd
Somaiya Properties and Investments Pvt. Ltd.
(Formerly The Godavari Sugar Mills Pvt. Ltd.)
The Book Centre Ltd.
Key Management Personnel
Shri Rajendra V. Shah - Director (upto 29.05.2014)
Shri S. Mohan - Whole-time Director
7. Retirement Benefits
a) Defined Benefit Plan: The Company Provides for Gratuity and Leave
Encashment on the basis of Actuarial valuation. The Company does not
have any fund for Gratuity and Leave Encashment Liability.
The following table summarised the net benefit / Expenses recognised in
Statement of Profit and Loss and Balance Sheet.
8. Estimated value of contracts remaining to be executed on capital
account and not provided for in the accounts as at 31st March, 2015 was
Rs. 60.17 Lacs (Previous year Rs. 79.92 Lacs)
9. The figures of the previous year have been regrouped and rearranged
so as to make them comparable with those of the current financial year.
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